Yesterday after the markets closed, PrimeGen Energy Corporation (PINKSHEETS: PGNE) issued a press release announcing that that the drilling operator of the Timan-Pechora Project has reported that the drilling of Kochmesskoye # 7 well has reached total target depth October 26, 2009.

PrimeGen will be advised as to the commercial viability of the well and productive oil flow rates upon the completion of testing, which is anticipated by November 16, 2009. The well is the seventh of a proposed development program targeting a minimum of 30 oil wells to be drilled. As part of the accelerated drilling program, an eighth well is scheduled for immediate drilling shortly after the results of the seventh well are announced.

The Company achieved total average daily production of 7,720 bpd during the month of October. The lowest production was 2,050 bpd on August 2, 2009 and the highest production was 8,150 bpd on October 19, 2009. When fully developed, the Timan-Pechora field could yield a daily production rate of 35,000 barrels per day. According to the release, using current pricing for Timan-Pechora crude oil, PrimeGen has now projected that the 6 wells have generated over $35.4 million in revenue or $192.6 million on an annual basis. Currently, oil at Timan-Pechora has been priced at over $70.00 per barrel.

In addition, PrimeGen would like to advise that it has met the necessary disclosure criterion and has received a "Current Information" status with Pinksheets.com. The Company filed necessary financials and other corporate information with PINKSHEETS, which provides transparent information about the Company. PrimeGen will continue to adhere to these transparency requirements to maintain itself as a "Current Information" tier quoted entity.

This week the company also reported that as part of the recently previously announced acquisition on March 31, 2009, of a 100% interest regarding an oil and gas project in Rodnikovskogo, Russia, the operator, Seneko, has notified PrimeGen of their mobilization of equipment for the commencement of drilling within the participatory lands. The well has been titled as the "Rod 10-21" and is scheduled for immediate drilling with preliminary results anticipated within one week from commencement.